News & Analysis as of

Property Tax

Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending... more +
Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction.  However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities.  less -

Scathing Study Calls Out Cook County Property Assessments

by Franczek Radelet P.C. on

Last Friday, the Civic Consulting Alliance (CCA) released a study that calls into question the fairness of the property tax assessment system for Cook County for residential properties. The study, commissioned last July by...more

Choices for Illinois Taxpayers in Implementing the 2017 Income Tax Rate Increase

by McDermott Will & Emery on

Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from...more

Michigan Property Tax and Civil Tax Collection Suits

by Dickinson Wright on

Civil suits to collect property taxes as an in personam debt are now limited to the person who owned the property when the tax became due, but the Michigan act does not completely prevent collection of property taxes as an in...more

West Virginia Legislative Brief 2/9/2018

by Steptoe & Johnson PLLC on

We are officially over the hump as yesterday marked the halfway point of the 2018 Legislative Session. With only 29 legislative days remaining, look for the pace to pick up both in committee and in their respective chambers...more

Gold Dome Report - February 2018 #6

Lawmakers hit the ground running today with Legislative Day 19, riding on good news on tax revenues that emerged late last week. On Friday, Governor Deal announced that the state’s tax revenues for the month of January were...more

Federal Tax Reform and Minnesota Tax Policy: A Preliminary Guide to Conformity

by Faegre Baker Daniels on

Since the enactment of the Tax Cuts and Jobs Act (TCJA), Minnesota’s Department of Revenue (DOR) has been analyzing what the TCJA will mean for Minnesota. The TCJA marks the most significant changes to the Internal Revenue...more

Michigan Property Tax and the EMPP Exemption

by Dickinson Wright on

2018 Deadline for Claiming Qualified Eligible Manufacturing Personal Property Exemption is February 20, 2018 - Qualified new and used personal property (as defined by MCL 211.9m and 211.9n) is exempt from ad valorem...more

Can You Benefit from a Section 1031 Exchange of Property?

by Ward and Smith, P.A. on

When you are selling vacant land or non-owner occupied property held for commercial or investment purposes, you need to consider structuring the sale as an Internal Revenue Code ("Code") Section 1031 Tax-Deferred Exchange,...more

Solar Energy Generating Systems: Judicial Challenge of California County's Tax Assessment

California’s Fourth District Court of Appeals considered the validity of the assessment methodology used by the San Bernardino County Assessor to calculate the annual tax on solar properties. See Luz Solar Partner Ltd., III...more

It’s That Time Again! Property Tax Appeals In Connecticut: Know When To File

by McCarter & English, LLP on

The deadline for appealing Connecticut local property taxes is again approaching. For many cities and towns, that date is February 20 unless the town has extended the deadline. If a property owner does not file a tax appeal...more

Helping Handbook for Those Affected by Northern California Wildfires 2017-2018

by Morrison & Foerster LLP on

This handbook provides an overview of some issues that individuals, families, and small businesses may face as a result of the wildfires, mudslides, and related disasters that hit Southern California in December 2017 and...more

WV Legislative Brief - 1/26/18

by Steptoe & Johnson PLLC on

...This week, the West Virginia House of Delegates passed historic legislation which would require 100 single member districts following the 2020 census. Worth noting, West Virginia is definitely in the minority when it comes...more

New Tax Law – Impacting Your Small Business and You

by Gray Reed & McGraw on

Agreeing with Benjamin Franklin that there is nothing certain except death and taxes, Sketch Wood and his partner Minnie Brix, owners of Wood & Brix, and their 200 employees are certain that the new tax law will affect them,...more

NYS Budget: The Impact of the Governor’s Proposals

by Harris Beach PLLC on

As New York state lawmakers prepare to learn details, schools and municipalities face impacts of Governor Andrew Cuomo’s 2019 spending plan. The State Budget, totaling $168.2 billion in spending calls for $100 billion in...more

Second Department Upholds Loss of Religious Use Real Property Tax Exemption

by Farrell Fritz, P.C. on

On January 18, 2018, the Appellate Division, Second Department, upheld a decision denying an application for a religious real property tax exemption on the grounds that the property owner’s use of the main structure as a...more

New Jersey Property Tax Appeal Time

by McCarter & English, LLP on

It is property tax appeal season in New Jersey. If you own or lease commercial, residential and/or investment property in New Jersey, now is the time to review whether you should file a 2018 appeal. If you own real...more

Governor Rauner Issues Executive Order Precluding State Legislators from Practicing Before Property Tax Appeals Board

by Franczek Radelet P.C. on

This past Friday, Governor Bruce Rauner issued Executive Order 2018-01 entitled “Executive Order to Eliminate Impermissible Conflicts of Interest at the Property Tax Appeals Board”. The Order states that the PTAB “shall...more

Tax Reform and your Property-Related Deductions

by Miles & Stockbridge P.C. on

H.R. 1, originally known as the “Tax Cuts and Jobs Act,” makes certain changes to mortgage interest and property interest deductions. These changes will affect taxpayers who own real property, including homeowners and...more

2018 Michigan Property Tax Review: Is Your Business Being over Assessed?

by Varnum LLP on

Michigan property values have been relatively stable in recent years. In certain cases, this type of stability will result in predictable and stable property tax assessments. However, there are many instances in which both...more

Nevada's Renewable Energy Program Getting The Partial Abatements/Exemptions

by Dickinson Wright on

Nevada enacted a Renewable Energy Tax Abatement program in 2009, which it operates under the Governor’s Office of Energy (“GOE”). For eligible renewable energy facilities, the program awards partial abatements for sales and...more

UK Real Estate Tax Changes: How are Commercial Property Lenders Affected?

by Ropes & Gray LLP on

A significant amount has been written about the proposals made in the November 2017 Budget by the Chancellor of the Exchequer in relation to the taxation of the UK commercial property sector. The bulk of this commentary has...more

Melbourne Property Investor Alert: New Tax on Vacant Residential Properties

by K&L Gates LLP on

With effect from 1 January 2018, owners of residential properties in certain Melbourne suburbs, which have been unoccupied for more than six months in a calendar year, will be liable to pay the Victorian Government's new...more

The New Tax Law: Impact on Illinois Local Governments

by Holland & Knight LLP on

The new tax reform law – the Tax Cuts and Jobs Act – has been extensively reported in a variety of media outlets. Most discussions focus on the reduction in individual and corporate tax rates, the availability of deductions...more

PARCA Issues Updated Study: How Alabama Taxes Compare

The well-respected Public Affairs Research Council of Alabama (PARCA), the non-profit think tank headquartered at Samford University in Birmingham, recently published its periodic report, How Alabama Taxes Compare, which...more

The Effects of the Tax Cuts and Jobs Act on Real Estate

by Proskauer - Tax Talks on

On Friday December 22, 2017, President Trump signed into law H.R.1, commonly referred to as the Tax Cuts and Jobs Act (TCJA). This is the most sweeping change to the U.S. federal income tax laws in over three decades, and it...more

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